SandBox's user activity has declined over the past 30 days.
SAND fluctuated within a narrow range during the same period.
According to data, the current leading metaverse-based project The SandBox [SAND] ended the first quarter of 2023 with a decline in user activity.
Last month The SandBox witnessed a 9% decrease in the number of unique active wallets interacting with or transacting with any of its smart contracts, according to data provider for decentralized applications (dApps). The protocol only records 7,500 unique active wallets.
While the protocol saw an almost double-digit drop in the number of unique active wallets last month, SandBox saw a 10.29% increase in the number of transactions. According to data from DappRadar, the number of transactions between the only active wallet and dApp smart contracts totaled 5,360 in the past 30 days.
Despite the recovery in transaction volume, the fiat value of transactions completed on the virtual world-based protocol fell sharply by 80%. Last month, the value of all transactions completed by active wallet addresses on The SandBox was $4.11 million.
NFTs are also affected
The Sandbox ecosystem includes a variety of non-fungible tokens [NFTs], such as LAND tokens representing virtual land, ASSET tokens representing in-game items, and WEARABLE tokens representing avatar clothing and accessories. Unfortunately, the decline in the number of protocol users over the past 30 days has led to a corresponding decrease in the value of these NFT collectibles.
SandBox’s LAND Collection is currently valued at 0.665 ETH per NFT, a 17% drop in value over 30 days. With only 498 sales completed during this period, the average price per LAND NFT was 0.7946 ETH, a drop of 11%.
The project’s ASSETS Collection was not immune to the price drop. According to data from NFT analytics platform NFTGo, the reserve price of the collection has dropped by 33%. ASSET NFTs acquired last month at an average price of 0.0002 ETH, the average price of the collection has fallen by 22% during this period.
SAND is not much better
According to CoinMarketCap, SAND has traded as low as $0.52 in the last month. Changing hands at $0.6304, the Metaverse token’s value has fluctuated between a price range of $0.69 and $0.63 over the past 30 days.
